Hoteliers turn Q1 disappointment into optimism for the year ahead
The mood among hoteliers at the NYU International Hospitality Industry Investment Conference was upbeat, but realistic about the current situation
The hotel industry faced unexpected challenges in the first quarter of the year, but navigated through them and is now optimistic about the rest of 2024, anticipating a further recovery in demand across various segments.
Key takeaways
- STR and Tourism Economics revised their forecast for the U.S. hotel industry in 2024, reflecting a significant decline in projected growth in revenue per available room;
- Despite an overall decline in RevPAR, the upper-upscale and upscale chain segments are still expected to post positive year-over-year growth;
- Despite increased costs, deals are being completed, suggesting a viable, albeit more expensive, landscape compared to previous years.
Get the full story at HNN